Elon Musk has unveiled X Money, a financial service integrated into his social network X. The new service offers savings accounts, instant payments, and Visa debit cards with no foreign transaction fees.
X Money operates exclusively with fiat money at this stage, leaving out Dogecoin and other cryptocurrencies for now. According to Musk, incorporating crypto assets would have complicated regulatory compliance and generated resistance from regulators.
The absence of Dogecoin has had a direct impact on its price, which currently trades near $0.07466 and is in oversold territory. The memecoin has been tracking a steady downtrend since May, eliminating the main fundamental driver that sustained the community's bullish expectations.